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Mahesh

04/10/23 07:04 AM IST

50 lakh Street Vendors covered under PM SVANidhi Scheme

In News
  • The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme,has achieved a momentous milestone by extending its support to more than 50 lakh street vendors across the nation.
PM SVANidhi Scheme
  • The PM Street Vendor's AtmaNirbharNidhi (PM SVANidhi) Scheme, launched on June 1, 2020, is a micro credit scheme for urban street vendors that aims to provide collateral-free working capital loans up to ₹50,000.
  • Under the scheme regular repayments are incentivized with a 7% interest subsidy and digital transactions are rewarded with cashback up to ₹1,200 per year.
  • The scheme employs Aadhaar-based e-KYC, utilizes an end-to-end IT platform, and employs SMS-based notifications for application status updates.
  • All lending institutions, including NBFCs/MFIs and DPAs, have partnered with the aim to alleviate urban poverty in India.
  • The PM SVANidhi scheme empowers street vendors through digital payments.
  • Promoting digital transactions, participating Lending Institutions/Banks, and Digital Payment Aggregators (DPAs) have offered digital onboarding and training.
  • These collaborations have resulted in over 113.2 Crore digital transactions worth ₹1,33,003 Crores, with ₹58.2 Crore in cashback disbursed to beneficiaries.
Significance
  • The PM SVANidhi scheme has been instrumental in bringing them into the formal economic fold, presenting fresh avenues for upward mobility.
  • PM SVANidhi is a pioneering initiative by the Government of India aimed at integrating street vendors into the formal economic system and facilitating access to formal channels of credit.
  • Currently, Madhya Pradesh, Assam, and Gujarat are among the top-performing states, while Ahmedabad, Lucknow, Kanpur, Indore, and Mumbai are the leading cities in the program's implementation
  • The PM SVANidhi scheme empowers street vendors through digital payments. Promoting digital transactions, participating Lending Institutions/Banks, and Digital Payment Aggregators (DPAs) have offered digital onboarding and training.
  • These collaborations have resulted in over 113.2 Crore digital transactions worth ₹1,33,003 Crores, with ₹58.2 Crore in cashback disbursed to beneficiaries.
Source- PIB

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